External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

External broker reports(aggregated public sources)

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

Mahindra Logistics Ltd / Equity Bottom-Up

<div><ul><li>Improved utilization levels drive margin improvement - <span style="font-size: var(--content-font-size);">MLL delivered a revenue growth of 10% YoY in 4QFY22 (6% below our estimate), driven by 25% growth in the non-Auto vertical. The Auto segment reported flattish growth YoY.</span></li><li>Volumes improve YoY; high depreciation impacts PAT - <span style="font-size: var(--content-font-size);">Revenue grew 10% YoY to ~INR10.7b; 6% below our estimates.</span></li></ul><div><ul><li>Highlights from the management commentary - <span style="font-size: var(--content-font-size);">Revenue growth was driven by the non-Auto vertical. MLL saw good traction in freight forwarding and e-commerce.</span></li></ul></div></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Improved utilization levels drive margin improvement - MLL delivered a revenue growth of 10% YoY in 4QFY22 (6% below our estimate), driven by 25% growth in the non-Auto vertical. The Auto segment reported flattish growth YoY.Volumes improve YoY; high depreciation impacts PAT - Revenue grew 10% YoY to ~INR10.7b; 6% below our estimates.Highlights from the management commentary - Revenue growth was driven by the non-Auto vertical. MLL saw good traction in freight forwarding and e-commerce.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Mahindra Logistics - Non-Auto Segment Driving Volume Growth

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Mahindra Logistics is an end-to-end 3PL logistics solution provider, from performing milk run to in-factory logistics, warehousing to first mile and last mile logistics</li><li>Serves over 400 customers via its two business segment: supply chain management [(SCM), 96% of revenues] and enterprise mobility</li><li>Revenues from Mahindra comprise 52% of SCM revenues (FY21) while the rest is contributed by non-Mahindra</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Mahindra Logistics is an end-to-end 3PL logistics solution provider, from performing milk run to in-factory logistics, warehousing to first mile and last mile logisticsServes over 400 customers via its two business segment: supply chain management [(SCM), 96% of revenues] and enterprise mobilityRevenues from Mahindra comprise 52% of SCM revenues (FY21) while the rest is contributed by non-MahindraContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Mahindra Logistics Ltd: New Customers, Seasonality Impacts Margins

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/delhivery-pvt-ltd" target="_blank" data-smartkarma-citation="entities:33471:1" rel="noopener">Delhivery (1058656D IN)</a> is the largest and fastest-growing 3PL express parcel delivery player in India by revenue in FY21. It has won SEBI approval to raise up to $1 billion.  </li>
<li>The fundamentals are mixed as it has been unable to leverage its leading position and strong growth to deliver profits or cash generation.  </li>
<li>Based on the draft red herring prospectus, we are cautious about this potential IPO as the negatives outweigh the positives.  </li>
</ul>



Delhivery (1058656D IN) is the largest and fastest-growing 3PL express parcel delivery player in India by revenue in FY21. It has won SEBI approval to raise up to $1 billion.  
The fundamentals are mixed as it has been unable to leverage its leading position and strong growth to deliver profits or cash generation.  
Based on the draft red herring prospectus, we are cautious about this potential IPO as the negatives outweigh the positives.  


Delhivery IPO Initiation: Can It Deliver?

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hangzhou-sf-intra-city-industrial-co-ltd" target="_blank" data-smartkarma-citation="entities:34916:1" rel="noopener">SF Intra-City (9699 HK)</a> is the largest Chinese independent third-party on-demand delivery service provider. It launched an HKEx IPO to raise net proceeds of $273 million at the IPO mid-point. </li>
<li>In <a href="https://www.smartkarma.com/insights/sf-intra-city-industrial-ipo-delivering-losses" target="_blank" data-smartkarma-citation="insights:61272" rel="noopener">SF Intra-City Industrial IPO: Delivering Losses</a>, we noted that SF Intra-city’s fundamentals are less than inspiring. </li>
<li>While the valuation is undemanding vs peers, we give the IPO a pass as SF Intra-city offers an unappetizing mix of high growth at the cost of losses/cash burn.   </li>
</ul>



SF Intra-City (9699 HK) is the largest Chinese independent third-party on-demand delivery service provider. It launched an HKEx IPO to raise net proceeds of $273 million at the IPO mid-point. 
In SF Intra-City Industrial IPO: Delivering Losses, we noted that SF Intra-city’s fundamentals are less than inspiring. 
While the valuation is undemanding vs peers, we give the IPO a pass as SF Intra-city offers an unappetizing mix of high growth at the cost of losses/cash burn.   


SF Intra-City Industrial IPO: Valuation Insights

<div>
<p><a href="https://www.smartkarma.com/entities/ane-logistics" target="_blank" data-smartkarma-citation="entities:34119:1" rel="noopener">ANE Logistics (1292621D CH)</a> operates a leading express freight network in China’s less-than-truckload (LTL) market. ANE operated the largest express freight network in China as measured by annual total freight volume in each of 2017, 2018, 2019 and 2020, according to iResearch. ANE’s shareholders include Centurium, Carlyle, CDH, CPE, NWS, Ping An, Goldman Sachs and Yili.</p>
<p>At the proposed IPO price range of HK$13.88-16.88 per share, ANE will have a market cap of HK$16,137-19,625 million ($2.1-2.5 billion). At the mid-point of the IPO price range, the net proceeds are HK$1,124.1 million ($144 million), materially below the rumoured target of $500 million.</p>
<p>A single cornerstone investor, Harvest Prosperity SP, will purchase $12.5 million worth of the offer shares (7.88% of the offer shares at the mid-point of the IPO price range). </p>
</div><div><p>In <a href="https://www.smartkarma.com/insights/ane-logistics-ipo-initiation-home-delivery" target="_blank" data-smartkarma-citation="insights:57807" rel="noopener">ANE Logistics IPO Initiation: Home Delivery</a>, we stated that ANE is a play on China’s LTL market which offers substantial opportunities for market consolidation as the top 10 LTL operators in China had a market share of 5.7% by shipper spend in 2020, according to iResearch. As the largest (by freight volume), fastest-growing and most profitable player, ANE is well-positioned to be a market consolidator. We concluded that ANE’s fundamentals are solid. </p></div><div><div><div class="content-highlight"><p>In <a href="https://www.smartkarma.com/insights/ane-ipo-the-freight-debate" target="_blank" data-smartkarma-citation="insights:57957" rel="noopener">ANE IPO: The Freight Debate</a>, we stated that the PHIP continues to support our view that the ANE IPO is worth a look for investors willing to brave the current weak sentiment on HKEx IPOs. Our valuation analysis, suggests that the IPO price range is attractive particularly at the low-end.</p></div></div></div>


ANE Logistics (1292621D CH) operates a leading express freight network in China’s less-than-truckload (LTL) market. ANE operated the largest express freight network in China as measured by annual total freight volume in each of 2017, 2018, 2019 and 2020, according to iResearch. ANE’s shareholders include Centurium, Carlyle, CDH, CPE, NWS, Ping An, Goldman Sachs and Yili.
At the proposed IPO price range of HK$13.88-16.88 per share, ANE will have a market cap of HK$16,137-19,625 million ($2.1-2.5 billion). At the mid-point of the IPO price range, the net proceeds are HK$1,124.1 million ($144 million), materially below the rumoured target of $500 million.
A single cornerstone investor, Harvest Prosperity SP, will purchase $12.5 million worth of the offer shares (7.88% of the offer shares at the mid-point of the IPO price range). 
In ANE Logistics IPO Initiation: Home Delivery, we stated that ANE is a play on China’s LTL market which offers substantial opportunities for market consolidation as the top 10 LTL operators in China had a market share of 5.7% by shipper spend in 2020, according to iResearch. As the largest (by freight volume), fastest-growing and most profitable player, ANE is well-positioned to be a market consolidator. We concluded that ANE’s fundamentals are solid. In ANE IPO: The Freight Debate, we stated that the PHIP continues to support our view that the ANE IPO is worth a look for investors willing to brave the current weak sentiment on HKEx IPOs. Our valuation analysis, suggests that the IPO price range is attractive particularly at the low-end.

India

Mahindra Logistics Limited provides logistic services. The Company offers people transportation, warehousing, distribution, brokerage, supply chain management, freight forwarding, e-commerce, engineering, auto outbound, transport management systems, and technology services. Mahindra Logistics serves customers in India.

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Mahindra Logistics Ltd (MAHLOG IN)

Mahindra Logistics - Non-Auto Segment Driving Volume Growth

MLL delivered a revenue growth of 10% YoY in 4QFY22 (6% below our estimate), driven by 25% growth in the non-Auto vertical. The Auto segment...

Motilal Oswal

Mahindra Logistics Ltd: New Customers, Seasonality Impacts Margins

Mahindra Logistics is an end-to-end 3PL logistics solution provider, from performing milk run to in-factory logistics, warehousing to first mile...

ICICI Securities Limited

Delhivery IPO Initiation: Can It Deliver?

Delhivery has won SEBI approval to raise up to $1 billion. Based on the draft red herring prospectus, we are cautious about this potential IPO as...

Arun George

SF Intra-City Industrial IPO: Valuation Insights

While the valuation is undemanding vs peers, we give the IPO a pass as SF Intra-city offers an unappetizing mix of high growth at the cost of...

Arun George

ANE IPO: Valuation Insights

At the proposed IPO price range of HK$13.88-16.88 per share, the net proceeds are $144 m. Our valuation analysis, suggests that the IPO price range...

Arun George

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